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Oklahoma leads rig count decline

US drillers dropped six units, as overall count down by 150 year-over-year

US oil drillers continued shedding rigs for the third straight week, dropping four units over the last week according to a tally from energy services company Baker Hughes.

The oil rig count fell to 738, down by 122 year-over year, while gas rigs also dropped by two for 160 in total. Units chasing gas have fallen by 26 since last year.

Overall, the US count is down by six to 898, or down 150 year-over-year.

Click here to read the rig count summary.

Operators in the state of Oklahoma dropped five rigs for 75 in total. Drillers often target the Stack and Scoop plays in the state, which since last year has shed 62 rigs.

In Texas, the heart of the prolific Permian shale play, the count fell by three for 438 in total. In 2018, the state was running 528 units.

North Dakota gained the most new rigs by adding three last week. The state houses the Williston basin where 54 rigs are currently running, one more than last year.

The offshore count remained steady, although rigs are up nine compared to the same period last year.

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